Altcoin surges 90% with plans for DeFi on BTC blockchain
- RIF has exploded in price as it promises to strengthen the Bitcoin blockchain with DeFi capabilities.
- IoV Labs has set a new roadmap to help fast track its Bitcoin smart contract agenda.
The influence of Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is spilling over into the RSK Infrastructure Framework (RIF), a token that seeks to help add decentralized finance (DeFi) capabilities to the former. To have step up up 90% in the last 24 hours, RIF token has now changed hands at $0.1551, up 161.14% in the last 7-day period.
The RSK Infrastructure Framework has a defined agenda for itself, and beyond its goals of bringing smart contract capabilities to the Bitcoin blockchain, it is looking to make the protocol more usable.
The RSK Infrastructure Framework is a layer-3 protocol built on top of Bitcoin’s Rootstock protocol. The protocol provides access to a whole range of services including payments, domain name services and storage of crypto assets among others. The mission of RIF is bullish, and it is particularly attracting increased interest from key members of the Bitcoin ecosystem.
RIF was developed by IoV Labs and after years of development, the team has unveiled a roadmap that they hope will help usher in a series of new protocols to drive the agenda. According to the shared roadmap, the startup hopes to launch the RIF wallet before the end of the second quarter of this year.
In addition to these, there are plans for BTC RNS domain names to be activated and go online. These domain names will position Bitcoin to display similar features to other blockchains such as Ethereum (ETH), and Solana (SOL) with relatively simpler domain name facilities.
In addition to these notable upgrades, plans remain to launch the DeFi Gateway and perfect its eventual integration. As an outfit with ambitious growth, RIF understands the need to bring the community on board and goes out of its way to regularly connect with the community through AMAs.
Bitcoin and RIF Flyover Debut
According to an earlier report by Crypto-News Flash, IoV Labs launched RIF Flyover, a new tool designed to help speed up the transfer speed between the Bitcoin blockchain and Rootstock.
RIF Flyover will reduce the timeline for bridging assets from one protocol to another from several hours to a few minutes or seconds. This will further reposition the Rootstock framework as a very viable L2 protocol to help drive Bitcoin’s growth.
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Although the DeFi and Non-Fungible Token (NFT) features of the Bitcoin blockchain are not yet fully mainstream, RIF, through IoV Labs, is building the infrastructure that will drive the mass adoption of such innovations in the near future.
Although it takes years to develop and launch a widely accepted product, IoV Labs’ efforts, particularly through the RIF Flyover, have been recognized by several bodies, including the Association for Cryptologic Research which published a research paper on Flyover protocol written by IoV Labs’ Research & Innovation Team.
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